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FCA Comment: Banks must Use Data to Drive Personal Service
Mike Turner, Principal Business Advisor at SAS UK & Ireland:
“The FCA’s resolution to shake-up the status quo in banking is a timely reminder of how it is prioritising the interests of consumers.
“To demonstrate compliance and protect market share in what should be a more competitive landscape then all financial institutions need to work harder to retain and attract customers.
“Our recent study finds that a fifth of retail banks have the ability to adjust offers and services “in the moment” based on insights into customers’ behaviour, while 74% believe the capability to act in the moment would increase revenues by double digits. So, what’s stopping them?
“With a potential 2.2 million people “suffering financial distress”, banks need to develop a customer-centric approach that uses the wealth of insights available to drive a more personalised service that offers customers the right financial products at the right time. This means, banks need to be able to tailor current accounts and overdraft services so they’re more in line with a particular customer’s interests, demographics, location and account history. This will enable them to boost consumer confidence, grow margins and maintain market share whilst reassuring the regulator that they are acting in the best interests of customers.”
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Cathay Pacific Expands Global Partnership with Adyen
Adyen announced the expansion of its longstanding partnership with Cathay Pacific with Adyen now providing direct acquiring services for the airline
MAS Partners Industry to Develop AI Risk Management Toolkit for the Financial Sector
MAS announced the successful conclusion of phase two of Project MindForge[1], which culminates in the publication of an AI Risk Management Toolkit for the financial services sector
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